Halozyme Therapeutics (HALO) H.C. Wainwright 28th Annual Global Investment Conference summary

Business overview and technology platforms

• Four technologies enable subcutaneous delivery, including ENHANZE and two new hyperconcentration platforms, with a proprietary autoinjector line.

• ENHANZE drives multiple royalty streams, contributing to a record Q2 with 48% year-over-year revenue growth to $481 million.

• Royalty revenues grew 50% year-over-year, led by products launched in 2020 and 2023, with new launches growing 80% quarter-on-quarter.

• By year-end, 13 products with ENHANZE are expected in clinical development, with more launches planned for the late 2020s and early 2030s.

• Hypercon technology will see its first two products enter the clinic in the first half of 2027.

Deal structure and revenue model

• Six new ENHANZE deals were signed in the past nine months, reflecting strong demand for subcutaneous delivery solutions.

• Standard deal structure includes upfront payments, milestones, and mid-single-digit royalties, with no clinical or commercialization investment required.

• Hypercon agreements mirror ENHANZE's structure, with five deals signed, including major partners like Eli Lilly and J&J.

• The business model enables rapid scaling and high margins due to minimal operating expense growth.

Financial performance and guidance

• Ten royalty-bearing products drive significant revenue growth, with DARZALEX and VYVGART leading and new launches accelerating momentum.

• Guidance was raised by $110 million, with expected 2026 revenue between $1.835 billion and $1.91 billion and EPS up to $9.

• Adjusted EBIT margin stands at 67%, with strong cash flow conversion.